(FB - Get Report) wants a larger mobile footprint. And on Wednesday it unveiled the tools to make its mark.
The world's largest social network launched new mobile and privacy tools Wednesday to enable users to better parse which information they share with whom and help expand mobile engagement. It also unveiled an Audience Network to help application developers make money off of mobile apps.
Investors on StockTwits.com celebrated the changes, announced at Facebook's F8 developer conference this afternoon.
Shares climbed 1.6% on the news. The rise was a bright spot for the social networking sector. Other momentum tech names, such as Yelp (YELP - Get Report), LinkedIn (LNKD), and Twitter (TWTR), fell in sympathy with Twitter's disappointing first-quarter user growth.
Among Facebook's new tools are privacy features that enable users to login to apps with their Facebook information without sharing their email address, friend lists and other personal data. These tools also prevent apps from blasting out behavioral information, such as songs listened to on a music app, to users' friend lists.
Facebook also launched a mobile 'like' button to enable users to share apps, articles and other media with their Facebook contacts while on their phone. And it gave users tools to share information with smaller groups of people via a message dialog feature.
Facebook also made it easier for application developers to target ads on their apps via its Audience Network suite of mobile tools. Investors said that the tools would make application developers concentrate on building software that integrates with Facebook, helping increase Facebook's features and relevance with users.
Mobile features are particularly important given Facebook's growth trajectory. More than a billion people login to Facebook via mobile devices each month. Mobile daily active users grew 43% in the first three months of the year to 609 million, according to Facebook's most recent quarterly filing. Daily active users, for comparison's sake, jumped a smaller 21% albeit off of a larger base. Mobile now accounts for about 59% of the company's advertising revenue.
>>Read More: Greenberg: Is Twitter a Victim of Wall Street?
>>Read More: Is This Social Networking Beatdown Proof of a Tech Bubble?: StockTwits
At the time of publication the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts